Duke Energy offers $200 million $25-par junior subordinated debentures due 2078 at 5.75% area

By James McCandless

San Antonio, Sept. 11 – Duke Energy Corp. plans to price a $200 million offering of $25-par junior subordinated debentures due Sept. 15, 2078 with a coupon in the area of 5.75%, according to a market source and a 424B5 filing with the Securities and Exchange Commission.

The deal was announced Tuesday morning.

BofA Merrill Lynch, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC are the joint bookrunners.

The debentures are redeemable any time after Sept. 15, 2023 at par plus accrued interest.

The debentures may also be redeemed prior to Sept. 15, 2023 upon a tax event or ratings agency event.

Interest will be payable on the 15th day of March, June, September and December, beginning Dec. 15.

Duke Energy plans to use the proceeds to repay a portion of its outstanding commercial paper and for general corporate purposes.

The company intends to list the debentures on the New York Stock Exchange.

Duke Energy is a Charlotte, N.C.-based energy company.

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